Saudi Arabia to Participate in 1st Round of Free Trade Agreement between GCC, Turkey
Nine Saudi government entities will participate in the first round of negotiations for the Free Trade Agreement between the Gulf Cooperation Council countries and Turkey. It will be held from July 29-31, 2024, in Ankara.
1st Round of Negotiations
The first round of negotiations will cover topics such as trade in goods, services, investment, rules of origin and sanitary and phytosanitary measures. It also aims to establish guiding principles, a framework for future rounds with the goal of concluding the negotiations quickly.
The aim of this round is to exchange information and business opportunities among the participating parties. It builds trust by identifying areas of cooperation and joint coordination. Additionally, this paves the way in future rounds to reach a comprehensive final agreement.
Free Trade Agreement
This round follows the joint statement signed on March 21, 2024, to start free trade negotiations between the Gulf Cooperation Council (GCC) countries and Turkey. It signifies the participating countries’ desire to develop a strategic partnership.
The agreement is set to provide preferential access for national products, both goods and services, in the markets of all parties by liberalizing most goods and services. It also aims to increase the volume of trade between the two countries.
The Saudi negotiating team, led by the General Authority for Foreign Trade, supervises trade negotiations to align with the Kingdom’s objectives. They also participate in negotiations to incorporate the Kingdom’s positions with countries with similar trade orientations.
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